Mr. Cooper review: Mortgage lender with moving assistance and a guaranteed closing date

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Overall lender rating

Feature	Insider rating (out of 5)
Loan types	3
Affordability	3
Customer satisfaction	3
Trustworthiness	3
Total	3

Pros and cons

Pros	Cons
If you don’t close on time, Mr. Cooper will pay your first month’s mortgage payment (principal and interest only) Will pay for movers and a moving van for you if you’re moving within 50 miles of your current home	Doesn’t offer HELOCs or home equity loans Ranks low in J.D. Power’s 2021 Primary Mortgage Origination Satisfaction Study You’ll need to talk to a loan officer to get personalized rates

Mr. Cooper mortgage interest rates and fees

You can see a few sample rates by clicking “Rates” at the top of Mr. Cooper’s main webpage. To get a rate that’s personalized to your own financial situation, you’ll need to call and speak with a loan officer or fill out a form online so someone can reach out to you.

Mr. Cooper says it generally charges borrowers an origination fee of $1,295 on a typical conforming mortgage. Other mortgage types may have different lender fees. 

Mr. Cooper vs. Better.com

Types of mortgages Conforming, FHA, VA	Types of mortgages Conforming, jumbo, FHA, bridge loan
Standout feature RightMove	Standout feature No lender fees
Mr. Cooper Mortgage	Better.com Mortgage

Better.com may seem like the cheaper option for many borrowers thanks to the fact that Better.com doesn’t charge any lender fees. However, your overall costs will also depend on your rate and the type of mortgage you get, so it may be a good idea to get approved with both lenders to see which offers you the better deal. 

Better.com doesn’t lend in Hawaii, New Hampshire, or Nevada. Mr. Cooper lends in all 50 US states.

Mr. Cooper vs. Fairway Independent Mortgage Corporation

Types of mortgages Conforming, FHA, VA	Types of mortgages Conforming, jumbo, FHA, USDA, VA, reverse, renovation
Standout feature RightMove	Standout feature Digital closing option
Mr. Cooper Mortgage	Fairway Independent Mortgage Corporation

Between these two lenders, Fairway Independent Mortgage Corporation is a better pick for borrowers with less-than-ideal credit, since it accepts alternative credit data. Alternative credit data can include things like proof of rent or utility payments.

Both of these lenders originate mortgages in all 50 states, though Mr. Cooper also offers mortgages in Guam, Puerto Rico, and the US Virgin Islands.

Fairway Independent Mortgage Corporation has physical branches throughout the country, while Mr. Cooper has none, so which of these lenders is best for you might depend on whether you want an in-person or completely remote process. 

How Mr. Cooper works

Mr. Cooper is headquartered near Dallas, but has no physical locations. To get a mortgage with this lender, you’ll do so online and over the phone. You can get started by calling and talking to a loan officer, or by filling out an online form to have someone contact you.

Mr. Cooper lends in all 50 states and Washington, DC, Guam, Puerto Rico, and the US Virgin Islands. It offers conforming, FHA, and VA mortgages. Conforming mortgages allow down payments as low as 3%. FHA mortgage borrowers must put down at least 3.5%. VA mortgage borrowers can get a mortgage with no down payment.

On a conforming mortgage, you may pay an origination fee of $1,295. According to Mr. Cooper, its lender fees can vary depending on the type of mortgage you get.

If you want to get a mortgage with Mr. Cooper, you’ll need a solid credit score. You can’t use alternative credit data to apply.

Mr. Cooper’s customer service is available via phone from 7 a.m. to 8 p.m. CT Monday through Thursday, 7 a.m. to 7 p.m. CT on Friday, and 8 a.m. to 12 p.m. CT on Saturday.

Is Mr. Cooper trustworthy?

Mr. Cooper has a B rating from the Better Business Bureau due to government action against the business. In 2020, the Consumer Financial Protection Bureau filed a complaint against Nationstar, which is what Mr. Cooper used to be known as, alleging that between 2012 and 2016 it unlawfully foreclosed on borrowers who had loan modifications.

In 2021, the CFPB announced it was looking into an incident in which Mr. Cooper made duplicate withdrawals from thousands of customers’ bank accounts due to an issue with its electronic payments vendor. According to Mr. Cooper, the lender worked with the impacted customers’ banks to ensure they wouldn’t be responsible for fees related to the error.

This lender ranks low on J.D. Power’s 2021 Primary Mortgage Origination Satisfaction Study, which measures customer satisfaction. However, it has strong reviews on both Zillow and Trustpilot.

Mr. Cooper FAQ

Is Nationstar Mr. Cooper?

Yes, Mr. Cooper used to be known as Nationstar. The company rebranded to Mr. Cooper in 2017.

Does Mr. Cooper offer HELOCs?

No, Mr. Cooper doesn’t currently offer HELOCs or home equity loans.

What are Mr. Cooper’s mortgage rates?

Mr. Cooper displays sample mortgage rates for 30-year and 15-year fixed conforming mortgages and 30-year fixed FHA mortgages. To get a customized rate, you’ll need to talk to a loan officer.